Tesla Posted his third quarter car. Production and delivery report on Wednesday. The stock fell as much as 3.7 percent on Monday morning after the report.

Here are the key numbers:

Total deliveries Q3 2024: 462,890

Total production Q3 2024: 469,796

Analysts had expected shipments of 463,310 in the period ending Sept. 30, according to estimates compiled by FactSet StreetAccount.

Deliveries are not defined in Tesla’s financial disclosures, but are the closest estimates of units reported by the company. It’s one of the most closely watched metrics on Wall Street.

In the year-ago period, Tesla reported 435,059 deliveries and production of 430,488 EVs. In the previous quarter, the company reported 443,956 deliveries and production of 410,831 vehicles.

Tesla is facing increasing competitive pressure, particularly in China, from companies like BYD and Geely, as well as a new generation of automakers including Li Auto and Nio.

In the US, EVs are favored by rivals. Raven are maturing, while legacy automakers Ford And General Motors More electric vehicles are being sold after surpassing more ambitious electrification targets.

GM this week reported a nearly 60 percent increase in third-quarter EV sales from a year ago. Still, its electric business is smaller than Tesla’s, which sold just 32,100 units in the most recent period, accounting for 4.9 percent of the company’s total sales.

Ford plans to report results on Wednesday.

Tesla hasn’t released specific guidance for 2024 deliveries, but executives have said they expect delivery growth to slow this year, despite the company adding a new vehicle to its lineup, the Angular Stainless. Added Steel Cybertruck.

The company also said Wednesday that it deployed 6.9 GWh of energy storage products in the quarter.

Shares of Tesla surged 32% in the third quarter, erasing their losses for the year in the process. The stock is now up about 4 percent in 2024, trailing the Nasdaq, which has gained 19 percent.

Tesla’s brand has been under pressure in the U.S. due to the actions of CEO Elon Musk, who, in addition to endorsing former President Donald Trump, has expressed what the White House calls “racist hatred,” and issues of immigration and elections. have made false claims about Fraud on X, its social media app.

But Tesla still sells more battery electric vehicles in the U.S. than any other automaker, with Hyundai far behind.

In its third-quarter earnings report later this month, investors will be particularly focused on profit margins.

Tesla has continued to offer an array of attractive financing options and incentives in recent months to boost sales volume in China as well as the U.S. Before earnings, Tesla will host a marketing event on Oct. 10, and expect That is the design of “dedicated robotaxis”.

Musk has promised Tesla self-driving cars for years, but the company has yet to deliver. Meanwhile, competitors such as Waymo and Pony.ai have begun operating commercial robotaxis services.

Look: Tesla is one place where investors can seek protection, says RBC’s Tom Narine.